Marine Expeditions, Inc., pays Nate’s Boats $4,000 to use an oceangoing vessel for a month. For the purposes of the UCC, this is

A floating lien cannot apply to the proceeds of the sale of after-acquired property.

A financing statement must include the creditor’s signature.

The length of the payment plan under a Chapter 13 plan can be three to five years, depending on the debtor’s family income.

A security interest is enforceable only if the debtor has title to the collateral.

Any breach of the terms of the security agreement can constitute default.

The filing of a petition for bankruptcy will automatically stay most legal actions against the debtor.

No state allows a defaulting debtor to redeem the property before a foreclosure sale.

Proceeds are whatever is received when collateral is sold.

A creditor’s composition agreement is usually held to be enforceable.